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Key Factors Affecting Home Affordability Today

Beyond Realty

Today Darren Dowling is covering "Key Factors Affecting Home Affordability Today"

Every time there’s a news segment about the housing market, we hear about the affordability challenges buyers are facing today. Those headlines are focused on how much mortgage rates have climbed this year. And while it’s true rates have risen dramatically, it’s important to remember they aren’t the only factor in the affordability equation.

Here are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each one.

1. Mortgage Rates

2. Home Prices

3. Wages